Qatar: Beema to go public
Source: Middle East Insurance Review | Jan 2022
Damaan Islamic Insurance (Beema), a subsidiary of Qatar Insurance (QIC) group, will list its shares on the Qatari bourse, QIC said in a stock exchange filing.
Last November, QIC’s board approved the conversion of the Islamic insurance unit into a public shareholding company listed on the Qatar Stock Exchange.
The transaction is pending the approval of other shareholders, the statement said. QIC owns 25% of Beema’s capital, which stands at QAR200m ($54.93m).
Doha-headquartered Beema, licensed in 2009, reported gross contributions of QAR326.17m in 2020, 3.8% lower compared to QAR339.20m in 2019. Its total surplus soared by 288% to QAR44.95m in 2020, compared to QAR11.58m in 2019, despite making a provision for bad debts of QAR23.68m in 2020 (2019: QAR2.60m). The jump in surplus is mainly due to a decline of 19.1% or QAR38.38m in gross claims paid to QAR162.79m in 2020. M